Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, annual interest rate, and any other transactions are given below.  last month's balance $530 payment $320 interest rate 17.8% bought dog $190 bought pet supplies $90 paid vet bill $70 what is the finance charge

Q: 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern…

A: Simple interest is concept where the interest is never capitalized to the original loan/investment…

Q: Calculate the average daily balance and finance charge on the statement below. Assume 2% finance…

A: Total Amount= Amount * Number of daysTotal Cummulative amount= 6000+2700+3300= 12000

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A: Finance Charges is Calculated on Opening Value of Payable amount.  = Opening Balance of March * Rate…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0​%. The unpaid balance for his…

A: In unpaid balance method, the interest for credit card is computed irrespective of transactions made…

Q: Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99…

A: APR is Annual Percentage Rate  it is expressed as interest rate.  and  charged to borrowers and paid…

Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…

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Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

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A: The interest on the credit card refers to the amount that the issuing company charges on the use of…

Q: Vou have a credit card with an APR. of 16%. Vou begin with a balance of $750. In the first month you…

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Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: 16. The billing cycle for Mr. Lang´s credit card begins on September 8 and ends on October 7. He is…

A: Given: Credit Card Billing Period: Sept 8  to Oct 7 Previous Balance: $458 Annual Interest Rate: 19%…

Q: bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a…

A: Notes are issued by the banks on discount and the customer have to pay the face value on the…

Q: Dy using Une of your two črédit cards. The Silver Card charges 18% interest and calculates interest…

A: For Silver card First Payment of 10 th November is $600 Balance   =$1800 - $600 = $1200 second…

Q: Suppose your MasterCard calculates interest using the average daily balance method, and the monthly…

A: Average Daily Balance( Credit Card):The amount of interest to be charged to a borrower on an…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your…

A: Principal amount : It is the initial or the total amount that is being borrowed by an individual…

Q: Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the…

A: To calculate monthly APR, Total APR is to be divided by 12.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Previous Month's Balance = $646.17 Finance = $14.54 Purchases and Cash Advances = $32.45 Payments…

Q: Juanita Patricia Morgan's credit card company quotes her a rate of 17.9 percent. Interest is billed…

A: The Effective Annual Rate (EAR), also known as the annual equivalent rate (AER), we must take into…

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: Here,Last Month Balance is $440Payment is $330Interest Rate is 19.20%Method is Unpaid Balance Method

Q: the amount financed the finance charge The deferred payment price.

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Q: Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance metho of…

A: Previous balance = $178.85payments and credits = $74.00new purchases = $98.74periodic rate = 1.5%

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: As per the previous balance method Calculation of finance charges for a billing cycle, uses the…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Credit cards are used now days by many people but charges on credit cards are much more. So credit…

Q: Assume that you start with a balance of $630 on your credit card. During the first month, you charge…

A: To complete the table, we need to follow these steps: 1. Calculate the finance charge for each…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Variables in the question:Amount financed=$123,700Interest rate=6.75%N=15 yearsAnnual property…

Q: You miss your first payment on the $375 balance. You receive a bill in the mail after 45 days…

A: When you miss your payment, the credit card company charges interest on it. The new balance will be…

Q: Dallas Pierce's most recent credit card statement follows. Her finance charge is 18% APR. Calculate…

A: Average daily balance is calculated by weight average of unpaid balance, where the weight is the…

Q: Suppose your VISA card calculates interest using the average daily balance method, and the monthly…

A: A credit card refers to an instrument that is used for providing credit facilities to customers…

Q: In the month of September, Billy Jo made the following purchases:  $4,000.00 on September 3…

A: Data given: Previous balance=Nil APR=15% Minimum payment=2% Details of purchases Date Amount…

Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…

A: Computation: